Today it’s becoming more and more common for people to retire in foreign countries. Two main reasons exist. Many people want to enjoy warmer climates, such as in Southeast Asia, the South Seas, and the Mediterranean. Others prefer dry climates so they have fewer symptoms related to conditions such as arthritis and asthma. Yet another reason is that the cost of living is much lower in developing countries than in developed countries—allowing them to live comfortably or even luxuriously. In particular, health care costs tend to be lower in such countries. That makes it much more affordable to avail of medical care ranging from routine procedures, to major surgery.
While there are several benefits of retiring in a foreign country, there are also several possible difficulties. For example, living far from your family and friends can be both pricey and inconvenient. This is particularly true if you want or need to make frequent trips back home. Living in a country that borders your homeland is logistically much easier. Culture shock is another potential problem when retiring abroad. Issues such as the language, traditions, and so on can make retiring in another country quite difficult. Yet another issue that you might encounter when living abroad is lengthy or difficult transportation. Finally, certain diseases that are prevalent in the country can be dangerous, and require expensive vaccines to protect yourself.
When you’re an expat retiree, one of the most issues you’ll need to deal with is your visa. If you live in places such as the United States, European Union, or ASEAN, you’ll be able to travel easily within the smaller regional parts that comprise the larger region. Several countries throughout the world offer a retirement visa for expats. Requirements include a health check, a security check, and a financial check. This helps to ensure that you wouldn’t be a medical, safety, or monetary liability. It’s important to know the requirements for a retirement visa, so you’ll be able to secure them. Another option is the investor visa, which requires you to deposit a lump sum into a local business. If you have the funds then this is a wise option for retirees.
Thirdly, it’s important to be able to handle all necessarily financial matters when living as an expat retiree. You’ll likely need to have at least two bank accounts. That includes a bank in your home country, and one in the country you’re residing in. It’s advisable that you choose a bank that has several international branches. This will benefit you not only in the country you’re retiring in, but also if you travel to other foreign countries. Finally, be certain about issues such as taxation in regards to money matters in your new country.
When you’re near retirement, you should certainly consider the option of retiring abroad. If you do your homework and then use precautions, your retirement years can be even better than in your home country. Quite frankly, after working for four decades or more, you certainly deserve that lifestyle.